Sometimes, confirming investors' worst fears is enough to send a stock sharply lower, and that's exactly what we saw with shares of Topgolf Callaway (NYSE: MODG) this week. First-quarter earnings were fine, but a small change in guidance sent shares lower.

According to data provided by S&P Global Market Intelligence, shares of Topgolf Callaway fell as much as 24% this week and closed the week down 22.8%.

Revenue was up 12.2% to $1.17 billion, but net income dropped 71.2% to $25 million, or $0.13 per share. Management said that investments in operating expenses led to the drop in earnings, partly due to the cost of building 11 new Topgolf facilities this year.

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Source Fool.com